Spanish hydropower stocks remain largely unchanged in Week 46

Spanish hydropower stocks rose 14 GWh to reach 48.6% of nominal capacity in the week ended Nov. 21, according to MITECO -- the Spanish environment ministry -- representing a slowdown in the rapid increase in stocks seen over recent weeks.

Reservoirs levels increased to 11.184 TWh, while stocks were reported 70.2% above levels in the same period in 2022 and 28.6% above the five-year average.

Hydroelectric power production for the week was 1,032 GWh, reflecting 12.9% week-on-week increase, according to grid operator Red Electrica Espana.

The cumulative hydro production currently stands at 23.6 TWh so far in 2023, 36.5% above the the 17.3 TWh prior-year output.

Rainfall levels remained similar to the prior week, reaching 15.6 mm across the entire peninsula during Week 46.

Weather forecasts show some cloudy weather and rainfall throughout the northwest, while the rest of the country expects mostly dry weather in the coming days, the Spanish State Meteorological Agency AEMET reported Nov. 21.

Spanish day-ahead power prices rose to average Eur84.29/MWh in the week that ended Nov. 19, up from Eur57.11/MWh the previous week, according to OMIE Webex exchange.